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go to oralb.com for the latest offers. >>> the fiscal cliff means a lot of things are on the cutting block right now. one involves the most dependable of cuts are mortgages. >> you basically have 270 degrees of pure ocean. >> amazing views, luxury bathrooms and a gourmet kitchen. the owner of this $8 million penthouse in coconut grove, florida is eager to sell it before the end of the year. capital gains taxes will go up for homeowners with a lot of equity in their homes selling now could make a big difference. >> if you're looking at a $10 million sale price and 5 mill$5 million equity in the home, the capital gains is $5 million. in theory, there's a half a million dollar savings for seller and buyer to get the deal done. >> some possible outcomes of the fiscal clif negotiations could have a major impact on you. congress could limit the amount of home mortgage interest homeowners could write off on their taxes. one proposal would cap the deduction at $500,000, half of what it now is. lawmakers also may limit tax breaks for second homes. distressed homeowners also could see major ch
go to oralb.com for the latest offers. >>> the fiscal cliff means a lot of things are on the cutting block right now. one involves the most dependable of cuts are mortgages. >> you basically have 270 degrees of pure ocean. >> amazing views, luxury bathrooms and a gourmet kitchen. the owner of this $8 million penthouse in coconut grove, florida is eager to sell it before the end of the year. capital gains taxes will go up for homeowners with a lot of equity in their homes...
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>> nick, let's talk about the other side of this fiscal cliff negotiations and those are cuts. bowles told reporters yesterday it seemed as though republicans were clear there's a need for revenue and democrats need to recognize the need for entitlement reform. what exactly do you think, if you can peer into your crystal ball, what's exactly on the table here. you know, are we going to get -- >> i can't see the crystal ball. it's in the studio. >> are we going to get significant entitlement reform or are we probably going to be left with at best maybe raising the retirement age for social security or raising the eligibility age for medicare? >> you know, i'd be very surprised to see social security be a part of the discussion here. >> at all? >> because it's not really kind of a huge driver of the deficit we're talking about right now. it's really the health care programs. but i think if you just pull back and make it really simple for a second, what you see are the democrats are saying, wait a second. increasing taxes a little bit on the rich or significantly on the rich, howe
>> nick, let's talk about the other side of this fiscal cliff negotiations and those are cuts. bowles told reporters yesterday it seemed as though republicans were clear there's a need for revenue and democrats need to recognize the need for entitlement reform. what exactly do you think, if you can peer into your crystal ball, what's exactly on the table here. you know, are we going to get -- >> i can't see the crystal ball. it's in the studio. >> are we going to get...
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the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag a
the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible...
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. >> how do republicans change that message, because we're in the middle of fiscal cliff negotiations, and all you hear are about preserving tax cuts for the wealthiest americans. that just feeds into this lack of connecting to the middle class that's been a problem. >> here's your answer and it's difficult and nuanced. traditionally republicans economic message that resonated with the middle class is our taxes will be lower on you. democrats have co-opted on that. they promise taxes on the middle class but do it simultaneously with giving high spending that. cannot last forever so republicans have to make people realize that is a utopia that doesn't exist. you can't have low taxes and high spending that democrats are currently promising. >> we've had $520 billion spent on jobless benefits over the past five years, and i bet they are probably pretty evenly divided between republicans and democrats and the big message on government spending has been distorted because we've had a crazy recession. i want to bring in anna because the president built that winning location of african-americ
. >> how do republicans change that message, because we're in the middle of fiscal cliff negotiations, and all you hear are about preserving tax cuts for the wealthiest americans. that just feeds into this lack of connecting to the middle class that's been a problem. >> here's your answer and it's difficult and nuanced. traditionally republicans economic message that resonated with the middle class is our taxes will be lower on you. democrats have co-opted on that. they promise...
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let love shine. >>> act three of the fiscal cliff theater piece begins today. it is wednesday, december 5th, and this is "now." >>> joining me today benjamin wallace wells of "new york" magazine, the "washington post's" melinda headenberger, msnbc political analyst and former dnc communications director karen finney and senior national correspondent for bloomberg business week josh green. round three has begun. two days after the republican fiscal cliff counter offer, both sides are coming out swings. speaker john boehner defended his proposal this morning, adopting a page from the dem's fairness playbook. >> the revenues we're putting on the table are going to come from, guess who? the rich. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising
let love shine. >>> act three of the fiscal cliff theater piece begins today. it is wednesday, december 5th, and this is "now." >>> joining me today benjamin wallace wells of "new york" magazine, the "washington post's" melinda headenberger, msnbc political analyst and former dnc communications director karen finney and senior national correspondent for bloomberg business week josh green. round three has begun. two days after the republican fiscal...
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going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as quote an unacceptable risk that will quote severely diminished america's global posture right this would be devastating to a country that right now spends as much on its military as the next ten countries combined so would this be the end of defense as we know it that's exactly the question that my next case explored on a panel called the fiscal cliff what does this mean for defense and national security i'm joined now by colonel douglas macgregor thank you so much for taking the time sure so there is so much hype about this lawmakers are saying that this would be absolutely paralyzing to the milita
going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as...
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nonsense from republicans and where a deal on the fiscal cliff stands. and former health insurance executive wendell potter on what obama's proposed $340 billion in medicare cuts will mean for seniors. >>> vice president joe biden stumps for the middle class at a retail store that treats its workers right. i'll talk costco and fiscal cliff with steve greenhouse of "the new york times." >>> plus hostess executives tank their company and cost the people their jobs. so why are they still demanding millions of dollars in bonuses? >>> and we'll tell you how senator john mccain fits in with congressman louie gohmert's latest conspiracy theory. >> this administration sent planes and bombs and support to oust gadhafi so al qaeda and the muslim brotherhood could take over libya. >>> good to have you with us tonight, folks. republicans are walking tall in public but hanging their heads behind closed doors. john boehner struck a defiant tone during a news conference today. he blamed the president and democrats for stalling negotiations on a debt deal. >> despite th
nonsense from republicans and where a deal on the fiscal cliff stands. and former health insurance executive wendell potter on what obama's proposed $340 billion in medicare cuts will mean for seniors. >>> vice president joe biden stumps for the middle class at a retail store that treats its workers right. i'll talk costco and fiscal cliff with steve greenhouse of "the new york times." >>> plus hostess executives tank their company and cost the people their jobs. so...
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why give in on taxes and the fiscal cliff fight when you will have all the leverage. megyn: simon? >> in the rasmussen poll that came out today the republicans lost 10 points since the election in the congressional generic fight. they are losing this economic argument right now. if they pull what mark is saying, you are going to see the republican party's numbers in the 20s. they have no leverage on this thing. >> not going to happen. megyn: we'll leave it at that. thank you both. just ahead. a much more somber note. new warning about the sarin gas threat in syria. city drivers claim a class action that the traffic cameras are actually rigged. soot whole world is watching and the president of the united states made clear there will be consequences if the assad regime makes a terrible mistake by using these chemical weapons on their own people. megyn: that was leon panetta with a warning that the united states and our allies will not tolerate a chemical attack by syria. we got reports that they were mixing the chemical weapons earlier this week. focusing new attention on saddam huss
why give in on taxes and the fiscal cliff fight when you will have all the leverage. megyn: simon? >> in the rasmussen poll that came out today the republicans lost 10 points since the election in the congressional generic fight. they are losing this economic argument right now. if they pull what mark is saying, you are going to see the republican party's numbers in the 20s. they have no leverage on this thing. >> not going to happen. megyn: we'll leave it at that. thank you both....
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amanda says i can't afford to go off a fiscal cliff. i'm cutting down in expenditures and gary says i'm prepared to get my passport and look for a new country. stick a fork in it. we're just about done. are you listening, lawmakers and president obama? facebook.com/car facebook.com/carolcnn if you would like to continue the conversation. thanks for the responses. i appreciate t
amanda says i can't afford to go off a fiscal cliff. i'm cutting down in expenditures and gary says i'm prepared to get my passport and look for a new country. stick a fork in it. we're just about done. are you listening, lawmakers and president obama? facebook.com/car facebook.com/carolcnn if you would like to continue the conversation. thanks for the responses. i appreciate t
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cliff because that takes cuts straight across the board. >> it does. it makes those cuts across the board. new mexico will actually feel enormous impact. unfortunately, new mexico depends significantly on federal dollars. we have four military bases here in new mexico. we have two national labs that are very important to our national defense, and so we could possibly lose 20,000 jobs. >> greta: health care exchanges. you're setting them up. some republican governors are not. why did you decide to set them up? >> well, we're moving in that direction but we're still negotiating with the federal government, and we're negotiating for flexibility. we're negotiating for what is best for new mexicans instead of the one size fits all that's coming from washington, dc. where can we be flexible that best serves newmexicans. we've asked many questions of the president and we're hoping for answers it's been several months that we've been asking these questions and haven't received responses, but if at the end of the day the responses are not what benefit new mexic
cliff because that takes cuts straight across the board. >> it does. it makes those cuts across the board. new mexico will actually feel enormous impact. unfortunately, new mexico depends significantly on federal dollars. we have four military bases here in new mexico. we have two national labs that are very important to our national defense, and so we could possibly lose 20,000 jobs. >> greta: health care exchanges. you're setting them up. some republican governors are not. why did...
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amanda says i can't afford to go off a fiscal cliff. i'm cutting down in expenditures and gary says i'm prepared to get my passport and look for a new country. stick a fork in it.
amanda says i can't afford to go off a fiscal cliff. i'm cutting down in expenditures and gary says i'm prepared to get my passport and look for a new country. stick a fork in it.
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on the fiscal cliff. judge andrew napolitano. fox news senior judicial analyst. juan williams, columnist with tannehill. byron york from the "washington examiner." judge, what do you make of this? we had back and forth and we talk about this every day. every day there are developments. >> the president insistence on raising tax rate is reprehensible and violates economics 101. raising tax rates will not necessarily produce more revenue. the president is more interested to punish the rich and perceived reward for base. doesn't put more money in the federal treasury. the republicans give in to this in spirit of compromise, i respect alan simpson. but this is a time for the republicans to say no to spending no, borrowing. no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president
on the fiscal cliff. judge andrew napolitano. fox news senior judicial analyst. juan williams, columnist with tannehill. byron york from the "washington examiner." judge, what do you make of this? we had back and forth and we talk about this every day. every day there are developments. >> the president insistence on raising tax rate is reprehensible and violates economics 101. raising tax rates will not necessarily produce more revenue. the president is more interested to punish...
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it's going to be driving the conversation on the fiscal cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick around. we'll get back to you as well. >>> from wall street now to washington where the white house is keep iing a close eye on today's numbers. brianna keilar joins us now live. good morning, brianna. >> reporter: good morning to you, don. we're still awaiting reaction from the white house and also from congssional republicans. they've long said at the white house, take a look at the trend of these nuchls over the month. so this number, paired with the last couple of months on its face, they will say the trajectory looks good, obviously more needs to be done. maybe
it's going to be driving the conversation on the fiscal cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick...
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cliff, all those horrible cuts that could plunge us into a depression and all the rest that no democrats want either. so are you serious, you really -- are you really saying what i think you're saying, that is that it might be a strategy that the president really wants? wants us all to go over the cliff? and then just blame you? >> yeah. that i think that's to his political advantage to do that, because then he gets to blame us, set up the 2014 elections by us being the bad guys. but look at this. a lot of my colleagues on the other side of the aisle like the $600 billion hit to the defense department, and they'll absorb the 2% of cuts to the other programs out there. and remember, none of the cuts that are in the sequestration have to do with the big three on the entitlement programs. most of us would love to see an erskine bowles type of solution put on the table here. >> so what if there were -- >> the simpson/bowles, sorry. >> simpson/bowles, i understood what you mean. there is an erskine bowles as well. what about congressman tom coley, your colleague, and his overture that you wou
cliff, all those horrible cuts that could plunge us into a depression and all the rest that no democrats want either. so are you serious, you really -- are you really saying what i think you're saying, that is that it might be a strategy that the president really wants? wants us all to go over the cliff? and then just blame you? >> yeah. that i think that's to his political advantage to do that, because then he gets to blame us, set up the 2014 elections by us being the bad guys. but look...
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on this community. >> reporter: other possible fiscal cliff cuts that could hit rock island include the army corps of engineers, they're here in part to manage locks along the mississippi. there's cuts to public education, which the national school board association say could have profound impact if congress doesn't act. and potential cuts to social services. more than 12% of rock island's population lives below the poverty line. and of course, there are tax hikes. at theo's coffee shop, people have a lot to say about washington, d.c. and the fiscal cliff. james cheeks says he is counting on congress to prevent his taxes from going up. >> scary. you know, it's scary. where is that money going to come from, you know, how am i going to pay that extra tax hike. >> reporter: one booth over, ted and gus say they don't think congress can avoid the cliff. >> i hope so, but i don't see it yet. >> if we're going to have standoffs, have that do nothing congress, it is going to be awfully toug to get anything done. >> reporter: potential effects of the fiscal cliff in rock island, illinois are
on this community. >> reporter: other possible fiscal cliff cuts that could hit rock island include the army corps of engineers, they're here in part to manage locks along the mississippi. there's cuts to public education, which the national school board association say could have profound impact if congress doesn't act. and potential cuts to social services. more than 12% of rock island's population lives below the poverty line. and of course, there are tax hikes. at theo's coffee shop,...
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we go over the so-called fiscal cliff. and massive government spending cuts. >> and some people fear going off of the cliff could cost thousands of jobs and push our fragile economy back in recession. it seems like we have been down this road before. that deal according to the president and congressional republicans is far from a sure thing. the president said it was a so-called balanced approach to solve this crisis and what he proposed this week was a classic bait and switch on the american people. >> it is unacceptable for republicans to hold middle class tax hostage because they refuse to let them go up on the wealthiest americans. >> people saying that the deal he offered doesn't look like a deal. steve is live in the washington bureau. is there any movement on either side. >> not much. a few republicans who are willing to talk about higher tax rev news but not higher tax rates. the president made a direct appeal to the public. the toy factory in pin pen. he urged congress to pass a bill and extend the era tax cuts fo
we go over the so-called fiscal cliff. and massive government spending cuts. >> and some people fear going off of the cliff could cost thousands of jobs and push our fragile economy back in recession. it seems like we have been down this road before. that deal according to the president and congressional republicans is far from a sure thing. the president said it was a so-called balanced approach to solve this crisis and what he proposed this week was a classic bait and switch on the...
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the so-called fiscal cliff was put in law because it was stuff that would be so unacceptable congress would never let it happen, enormous tax increases, grotesque cuts in spending but here we, it is in the law. congress does nothing which congress is good at doing and go over the cliff and some want to see that happen because then the crisis will generate the kind of bipartisan agreement we need but that is irresponsible. >>neil: it is looking more likely. then who picks up the pieces? >>guest: the country suffers. i don't think anyone gains politically. you know that almost everyone here in both parties will tell you if you talk to them privately, this ends with entitlement reform. not cutting programs like medicare but slowing down the growth in the programs because they are the big drivers of the deficit and raising more out of the revenue, out of the tax system. whether you call iterates or reform over whatever you call it, and each those touches the third rail of the parties, we have to get together and say, basically, we have to do something right for the country. if we had a bi
the so-called fiscal cliff was put in law because it was stuff that would be so unacceptable congress would never let it happen, enormous tax increases, grotesque cuts in spending but here we, it is in the law. congress does nothing which congress is good at doing and go over the cliff and some want to see that happen because then the crisis will generate the kind of bipartisan agreement we need but that is irresponsible. >>neil: it is looking more likely. then who picks up the pieces?...
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want to take you back to the fiscal cliff. not sure if you caught this, but house democratic leader nancy pelosi launched this effort to force a vote, force a vote on extending the middle class tax cut while letting taxes go up first of the year for the wealthiest 2% of americans. keep in mind, republicans own the house majority, so they control which bills, of course, come to vote. and they have not allowed a vote on the tax cuts. so pelosi has begun to circulate this petition and it would force a vote on the measure. they have to get the signatures just to get the vote to happen. if all house democrats sign the petition, she still needs just about two dozen republicans to come on board as well, and that could prove to be a pretty tough task. joining me now from washington, congressman steve israel, democrat of new york. congressman, nice to see you back here on the show. >> thanks, brooke. >> i understand you, yourself, have been reaching out to some of the house republicans on this. have you spoken to any of them? >> i have
want to take you back to the fiscal cliff. not sure if you caught this, but house democratic leader nancy pelosi launched this effort to force a vote, force a vote on extending the middle class tax cut while letting taxes go up first of the year for the wealthiest 2% of americans. keep in mind, republicans own the house majority, so they control which bills, of course, come to vote. and they have not allowed a vote on the tax cuts. so pelosi has begun to circulate this petition and it would...
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these are parts of the fiscal cliff negotiations we have not paid a lot of attention to, and also the white house's argument about further stimulus spending, undermined by this notion out there based on these numbers that the economy is recovering? >> yeah. i think that's right. i think the problem with a good number and decline in the unemployment rate it takes away from the argument that the fiscal cliff would be this ultimate disaster, we can't afford to do it, look at these jobs numbers they're terrible, need to move to make sure there's no austerity, no big spending taxes. that argument is less powerful when you see a report like this. to ayman's point, it's right to say that every jobs report can be off by hundred thousand jobs. the trend is 150,000 per month for two years. these jobs reports are almost the same. on consumer confidence that's the most important factor in the fiscal cliff and the trend is decent but today's number terrible. 84 to 72, the fiscal cliff fears are starting to impact the way people spend their money. if that continues into december for the economy, th
these are parts of the fiscal cliff negotiations we have not paid a lot of attention to, and also the white house's argument about further stimulus spending, undermined by this notion out there based on these numbers that the economy is recovering? >> yeah. i think that's right. i think the problem with a good number and decline in the unemployment rate it takes away from the argument that the fiscal cliff would be this ultimate disaster, we can't afford to do it, look at these jobs...
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they want to avoid the fiscal cliff, balanced approach, they want us to do it right now. >> right now secretary geithner should be wrapping up a meeting with the senate republican leader mitch mcconnell. maybe they will have a press conference. meeting with house democratic leader nancy pelosi at the top of the hour. dennis: i am sure the sox will gyrate wildly in response. thank you very much. cherly the u.s. embassy in cairo ordered close as protest continues over a recent decree by president mohamed morsi granting himself near absolute power in that country. managing director joins me now. obviously the impact now of the market here in the oil market in particular is what is each of the false into civil war. what happens to oil them. >> you have to look at the suez canal, therefore the price of oil. they do have a history of the army stepping in to maintain this. order in a situation like "the trade" time, what we have now is a different type of egypt. we had a guest on yesterday telling us the muslim brotherhood and hamas are the same thing. a terrorist organization in the minds o
they want to avoid the fiscal cliff, balanced approach, they want us to do it right now. >> right now secretary geithner should be wrapping up a meeting with the senate republican leader mitch mcconnell. maybe they will have a press conference. meeting with house democratic leader nancy pelosi at the top of the hour. dennis: i am sure the sox will gyrate wildly in response. thank you very much. cherly the u.s. embassy in cairo ordered close as protest continues over a recent decree by...
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cliff. let's scoot over to the president. easy merging from that meeting with the washington business leaders. let's see what he has to say. >> jim, thanks for your leadership. you know, originally my team had prepared some remarks, they always get nervous when i'm out there on my own, never know what i might say. but given the dialogue that we had the last time, i thought it was useful for me to abbreviate my remarks, speak off the cuff at the top and then most of the time just having a conversation. let me begin by saying all of you in this room are not just business leaders, not just ceos of your companies but you're also economic leaders and thought leaders in this country and i recognize that all of you have an enormous investment not only in your own companies but in the well-being of america. there are a lot of patriots in this room and people who care deeply about not only your bottom lines but also the future of this country. you've shown that over the last four years. we've gone th
cliff. let's scoot over to the president. easy merging from that meeting with the washington business leaders. let's see what he has to say. >> jim, thanks for your leadership. you know, originally my team had prepared some remarks, they always get nervous when i'm out there on my own, never know what i might say. but given the dialogue that we had the last time, i thought it was useful for me to abbreviate my remarks, speak off the cuff at the top and then most of the time just having a...
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. >>> first, the struggle over avoiding the fiscal cliff. new polling suggests support for president obama's position in the standoff with congressional republicans. >> the new associated press poll find 48% of americans want tax cuts for wealthy to expire. and it says more people want to cut government services than raise taxes to reduce the federal deficit. >> if the nation goes over the cliff at the end of the year it is going to affect everyone including the unemployed as abc's jonathan karl reports. >> reporter: melinda vega has been put on notice. if congress and the president don't get their act together, her unemployment checks will stop immediately at the end of the year. >> we're dependent on that money to pay the bills. she has been what a job for a year. her $450 a week unemployment check her life line. >> we won't be able to pay some of our bills and, i mean, you know, that's for christmas and things of that nature, probably off the table. >> reporter: she is not alone. without a deal, unemployment compensation will end for more
. >>> first, the struggle over avoiding the fiscal cliff. new polling suggests support for president obama's position in the standoff with congressional republicans. >> the new associated press poll find 48% of americans want tax cuts for wealthy to expire. and it says more people want to cut government services than raise taxes to reduce the federal deficit. >> if the nation goes over the cliff at the end of the year it is going to affect everyone including the unemployed...
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cliff, the end of the year, the tax cuts that will expire, the budget cuts we're talking about, the federal deficit, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later on today to congress to give them some ideas of ways we think governors can help and also we think it's important that the governors have a seat at the table because ultimately it's the states that will also feel the effect of what happens in washington, d.c. >> you made that point, governor. i'm curious about the line in the sand for the president, and i'm sure he expressed his thoughts on the tax rate for those who make over $250,000. that revenue is needed. without, i guess, en
cliff, the end of the year, the tax cuts that will expire, the budget cuts we're talking about, the federal deficit, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared...
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so-called fiscal cliff which isn't a cliff at all. just like mitt romney wasn't a serious candidate, this is not a serious plan. >> karen, the president's plan includes talk not just of taxes, but also extended unemployment insurance. there doesn't seem to be any thought in the gop plan. did the gop just literally wake up today and think, right, i know, let's get erskine bowles' recommendation to the super committee and throw it out there. >> i think it's worse than that. >> you think it's worse? >> i do. because just in the same way -- we learned last week that romney's pollster was relying on bad math based on bad assumptions, and i think here again you have the republican party doing the same thing. what are we talking about? closing loopholes to try to fix the gap. we already had that conversation in the context of the election, and a number of economists said that that wouldn't work, which is part of the reason that the president is insisting on this conversation about the rates set for the top 2%. what do we hear about? the job
so-called fiscal cliff which isn't a cliff at all. just like mitt romney wasn't a serious candidate, this is not a serious plan. >> karen, the president's plan includes talk not just of taxes, but also extended unemployment insurance. there doesn't seem to be any thought in the gop plan. did the gop just literally wake up today and think, right, i know, let's get erskine bowles' recommendation to the super committee and throw it out there. >> i think it's worse than that. >>...
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immediately, avoid the biggest part of the fiscal cliff. we can get all the democrats to sign it. we'll probably need 26 republicans to sign it, and if we can get 26 republicans. >> what is the likelihood of that? >> as you've heard, a growing number of house republicans like tom cole of oklahoma have said na it makes sense to proceed with what we can already agree on. if they agree to extend middle class tax cuts, here's their opportunity. i think you're going to see growing pressure. i'm sure the spoker of the house will tell his members not to sign athat petition. it will provide a very clear signal as to whether or not people really support an extension of the middle class tax cut. that's how to get it done now. >> you referred to congressman cole, who was on the sunday morning programs. he was one of the first vocal republicans in the house to say there needs to be a resolve here. he also pointed the finger at the president if you will regarding leadership with entitlements reforms. we know secretary geithner said that that the gop nee
immediately, avoid the biggest part of the fiscal cliff. we can get all the democrats to sign it. we'll probably need 26 republicans to sign it, and if we can get 26 republicans. >> what is the likelihood of that? >> as you've heard, a growing number of house republicans like tom cole of oklahoma have said na it makes sense to proceed with what we can already agree on. if they agree to extend middle class tax cuts, here's their opportunity. i think you're going to see growing...
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the fiscal cliff is almost $8 trillion of spending cuts, revenue increases. which if you want to affect the debt, that's a big way of doing it. every economist says if you do that much that quickly, you are going to throw us back into a serious recession. you know what? at some point, we have to stop kicking the can down the road and actually thinking of long-term debt of this country. i'm never a big fan of senator cobern's positions but he's right. at some point we have to stop this. we need to do it quickly. >> and the fact is, we've got a huge spending problem. and so either you have to figure out a way to pay for what you say you want to do or reduce the spending and that's the piece that's not getting the attention it should right now. >> getting the attention from? >> either the media in some cases. they are talking about what we have to do on taxes. somewhere along the line we have to talk about what we have to do on spending. if you do as the president asks and that is raise taxes on the top 2%, it funds the government for 8 days. you can't get there
the fiscal cliff is almost $8 trillion of spending cuts, revenue increases. which if you want to affect the debt, that's a big way of doing it. every economist says if you do that much that quickly, you are going to throw us back into a serious recession. you know what? at some point, we have to stop kicking the can down the road and actually thinking of long-term debt of this country. i'm never a big fan of senator cobern's positions but he's right. at some point we have to stop this. we need...
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we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage. >> i want to point this out. this is interesting in terms of the smoke and mirrors how this will play out for the republicans. in the "wall street journal" they write obama's flexible on highest tax rates. white house's flexibility, described by bowls, confirmed by the administration officials, could envision tax rates -- tax rate increase from the current level but was less than clinton era levels. if the republicans can say, we cut taxes from where they were under clinton it gives them cover though rates may go up. a weird, if there is an act of kabuki theater that would be it, right. >> i see a par
we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage....
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there will be at least $1.2 trillion in spending cuts and war cuts. >>> another point in the "fiscal cliff" discussion unemployment a new congressional budget office report showing americans have collected more than half a trillion dollars in federal jobless benefits in the last five years. >>> a battle over an oyster farm has ended. the u.s. interior secretary ken salazar is not renewing drake's bay's oyster company's lease which expires at the end of the month. he visited the farm along point reyes national seashore last week saying it should be returned to the wilderness for future generations to enjoy. company supporters including senator dianne feinstein argue to save the farm because it's a key part of the rural economy in that area. >>> still ahead, bankrupt but still able to give out bonuses? the latest controversy haunting hostess. >> with the biggest payout in powerball history about to take place allowing it be before californians can cash in too? >> a cold war plot that's hard to believe. did the u.s. really want to blow up the moon? we'll find out. ,,,,,, ,,,,,,,,,, now
there will be at least $1.2 trillion in spending cuts and war cuts. >>> another point in the "fiscal cliff" discussion unemployment a new congressional budget office report showing americans have collected more than half a trillion dollars in federal jobless benefits in the last five years. >>> a battle over an oyster farm has ended. the u.s. interior secretary ken salazar is not renewing drake's bay's oyster company's lease which expires at the end of the month. he...
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fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending, and an unlimited, unchecked authority tow borrow from the chinese. maybe i missed it, but i don't recall him scwg for any of that during the presidential campaign. >> jarvis: parents and school boards across the country are debating whether to offer bonuses to teachers whose student do well on standardized tests. sharyl attkisson ch
fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house...
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$500 billion from its budget over the next decade in case no fiscal cliff deal is scheduled. the military had been told for months not to get ready for these budget cuts. in the meantime, "the washington post" released a survey earlier this week. it found 53% of people polled would blame republicans for going over the cliff. 27% would blame president obama. not a lot of sunshine that we're seeing this these talks. >> i was telling mike, i was listening to an interview with trent lott, former leader back in the days in the clinton administration. he said he and daschle would good friends and that they worked on it but he was also criticized by his fellow republicans for being a compromiser. when did compromise get to be a dirty word. >> we've seen signs of compromise on the side of john boehner and seen republicans go after him for doing that. >> exactly. it's a price of being a leader. what do you have for us in the next half-hour? >> it's the season we're dressing up our homes with a lot of holiday decor. it looks fantastic but can also be a little dangerous. we'll run throu
$500 billion from its budget over the next decade in case no fiscal cliff deal is scheduled. the military had been told for months not to get ready for these budget cuts. in the meantime, "the washington post" released a survey earlier this week. it found 53% of people polled would blame republicans for going over the cliff. 27% would blame president obama. not a lot of sunshine that we're seeing this these talks. >> i was telling mike, i was listening to an interview with trent...
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but first this, the fiscal cliff, the talks hit a huge road bump. zingers and verbal jabs are flying while actual talks are at a stand still. president obama says republicans must agree to preserve a middle class tax cut as first part of any deal. and he linked republicans to scrooge today while touring a pennsylvania toy factory. listen. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. every family, everybody here, you'll see your taxes go up on january 1st. i mean, i'm assuming that doesn't sound too good to you. that is sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> that's pretty scroogy, right? president obama's proposal calls for $1.6 trillion in new tax revenue. $50 billion for new stimulus spending. and about $400 billion in entitlement cuts. republicans say, the president's proposal's nothing but a political stunt. here is boehner. >> the white house spends three weeks trying to develop a proposal and they send one up here that calls for
but first this, the fiscal cliff, the talks hit a huge road bump. zingers and verbal jabs are flying while actual talks are at a stand still. president obama says republicans must agree to preserve a middle class tax cut as first part of any deal. and he linked republicans to scrooge today while touring a pennsylvania toy factory. listen. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. every family, everybody here,...
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the fiscal cliff and the debt ceiling, are they connected? >> the white house wants them to be connected. they actually think if neck get a deal decoupling the bush tax cuts, having entitlement reform in dealing with the debt ceiling that is getting a raise and not having to worry about it for another couple of years, that's what they want. house republicans have indicated that, look, they actually might want it to kick the can down the road, make a deal on taxes but kick it down the road where they have more leverage. president obama was asked about that earlier this week and said he doesn't want to play the debt ceiling game anymore. that's where republicans have more leverage than then do on other matters. >> all right. senior political editor mark murray, have a great weekend, sir. >> i want to bring in congressman peter welch from vermont. good to see you again. talked to you last weekend on msnbc. at that point you told me that you thought there was a 50/50 shot we'd go off the so-called fiscal cliff. today speaker boehner said talks we
the fiscal cliff and the debt ceiling, are they connected? >> the white house wants them to be connected. they actually think if neck get a deal decoupling the bush tax cuts, having entitlement reform in dealing with the debt ceiling that is getting a raise and not having to worry about it for another couple of years, that's what they want. house republicans have indicated that, look, they actually might want it to kick the can down the road, make a deal on taxes but kick it down the road...
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cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts. and an indefinite, infinite increase on the debt limit, like forever. four days ago we offered a serious proposal, based on testimony of president clinton's former chief of staff. since then, there's been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the cliff. instead of cutting spending, the president want to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue
cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithner came here to offer a plan that had twice the tax hikes that the...
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. >> while the national dialog is focused on the fiscal cliff which has the potential to significantly affect state budgets many governors are also tackling the implementation of obama care. starting in 2014 medicaid will be expanded to all americans within 138% of the poverty line, which is individuals making $15,000 a year or less, give health care to as many as 21 million additional americans. eight governors including one of those at the white house today, oklahoma republican governor mary fallin are rejecting the offer, concerned their states may have to foot the bill down the road. the president was sure to have some thoughts following their pow wow at the white house. the six governors are on to meet with house speaker john boehner and senate majority leader harry reid this afternoon, also sure to have some thoughts. joy, the medicare question is really interesting in terms of how the governors play this one. in so far as, if you're a republican governor and offered the federal -- the federal government says it's going to cover i believe 100% of the cost of expanding the rolls f
. >> while the national dialog is focused on the fiscal cliff which has the potential to significantly affect state budgets many governors are also tackling the implementation of obama care. starting in 2014 medicaid will be expanded to all americans within 138% of the poverty line, which is individuals making $15,000 a year or less, give health care to as many as 21 million additional americans. eight governors including one of those at the white house today, oklahoma republican governor...
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that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. chairman, thank you. this is your last committee meeting and you will be missed. >> going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. -- buys our debt. we would have increased interest rates and huge economic problem. we have two things in front of us. not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them separately? >> they should be done together. this will not work if we break this thing apart. we need to s
that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. chairman, thank you. this is your last committee meeting and you will be missed. >> going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning....
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washington, the fiscal cliff suspense is killing us. 29 days in counting until our taxes go up and across the board spending cuts. we still don't know any of the details. instead we're getting lots of mixed messages as to what exactly is going to happen, where things stand. >> there has been progress. >> right now i would say we're nowhere. >> i'm increasingly pessimistic. >> so tonight, two men who have lots of experience dealing with lawmakers. paul begala, david frum, former adviser to president george w. bush. gentlemen, nice to have you both. david, let's start with you. depending on who you listen to, it's either going great or not going well at all. they're either optimistic or completely pessimistic. which is it? >> i feel about this whole process as a basketball nonfan, i feel about basketball, which is start it 100-100 and play for five minutes to get it over with. but i think we also need to take a step back and realize just how lunatic this whole process is. what the united states does not need right now is either spending cuts or tax increases. what we should be thinking abou
washington, the fiscal cliff suspense is killing us. 29 days in counting until our taxes go up and across the board spending cuts. we still don't know any of the details. instead we're getting lots of mixed messages as to what exactly is going to happen, where things stand. >> there has been progress. >> right now i would say we're nowhere. >> i'm increasingly pessimistic. >> so tonight, two men who have lots of experience dealing with lawmakers. paul begala, david frum,...
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we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >> how much spending cuts do we want to see? i could tally up for you right now, $3 trillion with the spending cuts that we already enacted in law in the last year and a half. $1 trillion that came from the budget control act that was passed a year ago, that said a trillion dollars has to start coming up now, and that has begun. another trillion dollars which is going to be enacted through the sequester. we still have them. and we can move forward. that's another trillion, 1.2 trillion. let me give you the other 800 billion. we cut -- democrats without a republican vote, $716 billion in -- and we found $716 billion in savings through m
we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >>...
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we're going over the fiscal cliffs. >> senator susan collins are facing budget cuts they would like to pay for the storm cleanup. the uncertain fate of the relief money comes little more than a month after the jaw dropping pre-rel pre-election image of president obama and governor christie shoulder to shoulder, a time when he promised to help victims quickly. >> i want you to cut through red tape. i want you to cut through bureaucracy. there's no excuse for inaction at this point. >> the white house said the president remains committed. >> there's no question what the president saw on staten island that enormous suffering continues. that's why we're looking at states and localities to continue the effort to assist in the recovery. >> reporter: a top congressional aide tells cnn lawmakers are waiting to see the administration proposal, and an administration official tells cnn the white house is still crunching its numbers. as for chris christie, who is up for re-election in new jersey next year, the top aide to the governor had no comment. just to get to a staggering sum of money we're
we're going over the fiscal cliffs. >> senator susan collins are facing budget cuts they would like to pay for the storm cleanup. the uncertain fate of the relief money comes little more than a month after the jaw dropping pre-rel pre-election image of president obama and governor christie shoulder to shoulder, a time when he promised to help victims quickly. >> i want you to cut through red tape. i want you to cut through bureaucracy. there's no excuse for inaction at this point....
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this is part of our series on the so-called fiscal cliff. today we're looking at the issue of the payroll tax cut. kim dixon, when did the payroll tax cuts issue come into effect? guest: about two years ago at this time. expiration of the bush-era tax cuts that began in 2001 were set to expire. republicans control the house. president obama wanted to continue them for everybody except those in the top 2% tax rate. --wasn't ended the year deal it was an end-of-the-year deal. the obama administration was looking for the stimulus measure. they thought it would be hard for republicans to oppose a tax cuts. host: the money rigidly was going where -- the money originally was going where? guest: going to the social security trust >> we take you live now to the u.s. capitol and house speaker john boehner. >> the president has warned us about the dangers of going over the fiscal cliff. but his actions have not matched his public statements. momings of his own party seem quite comfortable on sending the economy over the fiscal cliff. two weeks ago we
this is part of our series on the so-called fiscal cliff. today we're looking at the issue of the payroll tax cut. kim dixon, when did the payroll tax cuts issue come into effect? guest: about two years ago at this time. expiration of the bush-era tax cuts that began in 2001 were set to expire. republicans control the house. president obama wanted to continue them for everybody except those in the top 2% tax rate. --wasn't ended the year deal it was an end-of-the-year deal. the obama...
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we can make the fiscal cliff issue go away if he says let's extend the tax cuts for everybody. it is going to be a patchwork. it is not a permanent deal. just do it and talk about it. >> despite the concerns about going over the cliff we should let you know that december is actually a winning month for stocks. stocks are up 2% on average in december since 1990 with utilities and industrials leading the gain. should you be betting with history or maybe this time is different? the data mattas. they have a 2.8% gain in the month of december. >> what happened last year? last year we were dealing with europe was the front part of this burner of policy. the esm was established. it looked like we were in a place where we could get systemic risk off the table. markets were facing heavy flows of deleveraging. i think the fiscal cliff we are spending a lot of time on and we will continue to see deleveraging of trades that have worked because of all of the tax implications. i don't think you can be sure this is the same santa claus rally that you want to blindly buy. last year was very pa
we can make the fiscal cliff issue go away if he says let's extend the tax cuts for everybody. it is going to be a patchwork. it is not a permanent deal. just do it and talk about it. >> despite the concerns about going over the cliff we should let you know that december is actually a winning month for stocks. stocks are up 2% on average in december since 1990 with utilities and industrials leading the gain. should you be betting with history or maybe this time is different? the data...
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. >>> we'll turn now to the fiscal cliff, 30 days from an economy-crippling deadline. where everyone's taxes go up and massive spending cuts kick in. yet, talks seem to be going nowhere. treasury secretary timothy geithner will be the guest on "this week" with george stephanopoulos. george is with us now. good morning, george. >> last weekend, you sat right here and you said that you were reasonably optimistic that a deal could be afoot. in the intervening week, we have seen a lot of trash-talking from both sides, can we still be somewhat hopeful? >> this week was a rough week in these negotiations. treasury secretary geithner when he went up to capitol hill, on thursday, the senate republican leader mitch mcconnell laughed when he got the offer from tim geithner. they think it's an offer that doesn't show any rules towards compromise. house speaker john boehner said that the talks are at a stalemate. there seems to be a huge divide. democrats said they're not going to make another move until republicans clearly say they're going to go for an increase in tax rates. rep
. >>> we'll turn now to the fiscal cliff, 30 days from an economy-crippling deadline. where everyone's taxes go up and massive spending cuts kick in. yet, talks seem to be going nowhere. treasury secretary timothy geithner will be the guest on "this week" with george stephanopoulos. george is with us now. good morning, george. >> last weekend, you sat right here and you said that you were reasonably optimistic that a deal could be afoot. in the intervening week, we have...